Episode 7 – The Accounting Equation

 

Recorded: May 5, 2020

Released: May 5, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

Assets = Liabilities + Owner’s Equity is a fundamental element of bookkeeping and accounting. Patrick explains why it is important and you’ll get an understanding of what happens when it doesn’t balance.

For additional understanding, please review Episode 004 on Debits and Credits, Episode 005 on Double Entry Bookkeeping, and Episode 006 on Answers to Sample Transaction Data. Reviewing these previous episodes and thinking about the effect on the accounting equation can really bring the concept home.

 

 

Episode 6 – Answers to Sample Transaction Data

 

Recorded: April 28, 2020

Released: April 28, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

This week, Patrick provides the answers to the Sample Transaction Data that was included in last week’s show notes. If you haven’t completed the transactions yet be sure to do so before listening to the answers in this week’s episode. Let us know how well you did and whether you thought that the practice set was helpful or not.

Resources

Answers to Sample Transaction Data

Norcom 4-Column Columnar Pad – A great, inexpensive pad when practicing bookkeeping –  

 

Episode 5 – Double Entry Bookkeeping

 

Recorded: April 21, 2020

Released: April 21, 2020

Intro by Clive Castle

Sounds by Zapsplat

 

This week Patrick explains double entry bookkeeping. Building upon last week’s episode #4 on Debits and Credits, the next logical step is to get some practice! We have included a day’s worth of sample bookkeeping transaction data for a fictional new business for you to work on.

 

RESOURCES

Sample Transaction Data 1 Day